General Government’s surplus reaches Euros 257,5 mn in January

The preliminary General Government fiscal results for January 2019, which are prepared by the Statistical Service of Cyprus (CYSTAT), indicate a surplus of Euros 257,5 mn (1,2% of GDP), as compared to a surplus of Euros 255,2 mn in the corresponding month of 2018 (also 1,2% of GDP).

According to figures released today by Statiscal Service, total expenditure for January 2019 recorded an increase of Euros 32,1 mn (+6,3%) as compared to January 2018 and reached Euros 544,1 mn (Euros 512,0 mn in 2018).

Current transfers recorded the biggest increase (Euros 33,7 mn) and reached Euros 87,9 mn in January 2019 as compared to Euros 54,2 mn in January 2018. The compensation of employees (including imputed social contributions and pensions of civil servants) registered an increase of 4,3% or Euros 7,9 mn to reach Euros 191,8 mn (as opposed to Euros 183,9 mn in 2018).

A smaller increase was exhibited by subsidies (Euros 2,2 mn) that reached Euros 2,7 mn and by investment (Euros 2,5 mn) that reached Euros 9,1 mn as opposed to Euros 6,6 mn in January 2018. Excluding land annexations, that are included in investment, a decrease of Euros 3,1 mn is observed (Euros 1,7 mn in 2019 as compared to Euros 4,8 mn in 2018). Lastly, social benefits increased slightly by Euros 1,6 mn in 2019 to reach Euros 203,8 mn.

The remaining three expenditure categories recorded a decrease. Specifically, intermediate consumption was reduced by Euros 11,1 mn and was confined to Euros 24,6 mn (as opposed to Euros 35,7 mn in January of 2018). Payable interest decreased by Euros 3,6 mn to record an expenditure of Euros 22,2 mn (Euros 25,8 mn in January 2018) and capital transfers decreased by Euros 1,1 mn to total Euros 2,0 mn.

Total revenue increased by 4,5%, that is Euros 34,4 mn, to reach Euros 801,6 mn during the first month of 2019 (Euros 767,2 mn in the corresponding month of 2018).

Specifically, taxes on income and wealth increased by Euros 26,5 mn (11,5%) and reached Euros 256,7 mn in January 2019 in comparison to Euros 230,2 mn in January of 2018. Revenue from the sale of goods and services increased by Euros 6,7 mn and totalled Euros 48,2 mn and capital transfers received by the State were increased by Euros 3,9 mn and reached Euros 5,3 mn. The only remaining category that recorded an increase during January 2019 is that of social contributions collected by the State that increased by 1,9% (Euros 3,4 mn) to reach Euros 182,5 mn, as opposed to Euros 179,1 mn in January of 2018.

Revenue from the remaining categories recorded a decrease. Current transfers received were decreased by Euros 3,9 mn and were confined to Euros 8,1 mn, while property income recorded a Euros 1,5 mn decrease to register an income of Euros 1,8 mn during January of 2019 (Euros 3,3 mn in January of 2018).

Total revenue from taxes on production and imports registered a marginal decrease of Euros 0,7 mn when compared to the January 2018 receipts (Euros 299,0 mn in 2019 and Euros 299,7 mn in 2018), of which net VAT revenue decreased by 4,2%, which corresponds to Euros 8,0 mn, to total Euros 183,0 mn in January of 2019 (in comparison to Euros 191,0 mn in 2018).

Source: Cyprus News Agency